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In economics a trade-off is expressed in terms of the opportunity cost of a particular choice, which is the loss of the most preferred alternative given up. [2] A tradeoff, then, involves a sacrifice that must be made to obtain a certain product, service, or experience, rather than others that could be made or obtained using the same required resources.
Value in marketing, also known as customer-perceived value, is the difference between a prospective customer's evaluation of the benefits and costs of one product when compared with others. Value may also be expressed as a straightforward relationship between perceived benefits and perceived costs: Value = Benefits - Cost .
If such trade-offs happen between two competing protected values such as killing a person and defending your family they are called tragic trade-offs. [9] Protected values have been found to be play a role in protracted conflicts (e.g., the Israeli-Palestinian conflict) because they can hinder businesslike (''utilitarian'') negotiations.
If such trade-offs happen between two competing protected values such as killing a person and defending your family they are called tragic trade-offs. [14] Protected values have been found to be play a role in protracted conflicts (e.g., the Israeli-Palestinian conflict) because they can hinder businesslike (''utilitarian'') negotiations.
The distinction between real prices and ideal prices is a distinction between actual prices paid for products, services, assets and labour (the net amount of money that actually changes hands), and computed prices which are not actually charged or paid in market trade, although they may facilitate trade. [1]
The model is limited in that it only considers the effect of the merger on price charged by the firm(s). However, in most real life situations, firms compete on many other aspects other than price, for example product quality, capacity, research and development, and product differentiation. These variables are also likely to be affected by a ...
The opposite is not true: ex-ante PE is stronger that ex-post PE. For example, suppose there are two objects – a car and a house. Alice values the car at 2 and the house at 3; George values the car at 2 and the house at 9. Consider the following two lotteries:
For example, an individual with severe asthma could be offered 10 years in their current condition, or a shorter length of time in full health. If this individual is willing to trade off two of the ten offered years in order to regain full health, this suggests that eight years in full health has the same value as ten years with severe asthma.